UPDATE 2-Venezuela's Maduro threatens legal action against JPMorgan

(Recasts with Maduro comments)

By Corina Pons

CARACAS Nov 22 Venezuelan President Nicolas
Maduro on Tuesday ordered state oil company PDVSA to look into
legal action against JPMorgan Chase & Co after the U.S.
investment bank reported delays in $404 million in bond interest
payments.

PDVSA said on Monday it was using a 30-day grace period for
coupon payments on its 2035 bond but that reports of other
payment delays were wrong. It suggested paying agent Citibank
was creating a backlog that had spooked markets.

"JPMorgan's attitude is of a criminal nature," Maduro said
during a salsa music program he broadcasts from the presidential
palace. He said local and foreign opponents were conspiring to
give a false impression that Venezuela is on the verge of a debt
default.

Maduro accused JPMorgan of falsely reporting that PDVSA was
in default.

In fact, the report in question said payments on three bonds
were not made on time and that the company had a "30-day grace
period to make payments on the coupons before (the situation)
becomes an event of default."

Maduro said he had asked PDVSA head Eulogio Del Pino to
study legal options.

"The least JPMorgan can do is apologize to the Venezuelan
people," Maduro said.

Maduro also said the U.S. Treasury Department was behind a
campaign against PDVSA.

JPMorgan, Citibank and the Treasury Department did not
immediately respond to requests for comment.

PDVSA said it had "punctually" paid this month's obligations
for 2021, 2024 and 2026 paper but had activated the grace period
for the 2035 bond.

For years, investors have been concerned that PDVSA might
ultimately be unable to meet its hefty debt obligations during a
severe recession at home and a fall in oil prices.

"I'd tell the bondholders to call Citibank and ask why they
are delaying payment of money that is already in their
accounts," Del Pino said on state television late on Monday
night.

Del Pino suggested Citibank was participating in "attacks"
on Venezuela's socialist government and implied that it had
reneged on its contract, but later said the bank confirmed it
was making payments.

The Citigroup Inc unit told bondholders in a letter in
July that PDVSA would need to name a new paying agent for seven
outstanding dollar-denominated bonds.

Citigroup will stay on as paying agent until PDVSA finds a
new one, said the letter, which Reuters saw.

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